Saudi Arabia decided on Tuesday to extend the voluntary cut in oil production by one million barrels per day for three months.
Earlier on Tuesday, Russian Deputy Prime Minister Alexander Novak said Moscow would continue to cut oil exports, which began in August and extended to September, until the end of the year.On the decision of Saudi Arabia and Russia
Reducing production And its impact on the rise in oil prices in the global market before the end of the year to exceed the $ 100 barrier, Mohammed Sorour Al-Sabban, senior adviser to the former Saudi Minister of Petroleum, told Sputnik, saying:
The goal of the decisions for the “OPEC +” alliance is not to reach high prices, but to achieve stability and balance in the oil market, and therefore it always takes the so-called “precautionary measures” that anticipate the occurrence of some things in light of the uncertainty in the global economy, and this is what drives it to adopt such a decision.
Al-Sabban spoke about whether the United States is exerting pressure on the “OPEC +” countries to increase their production, especially after the decline in the US reserves, which may raise prices in the United States itself, saying: “The United States was initially exerting pressure, but we mentioned that this alliance is independent and the decisions of the Kingdom and the alliance are sovereign decisions and we cannot allow anyone to give us orders and interfere in the nature of what we can adopt within the framework of the “OPEC+” alliance.
Source: Sputnik
